Business

Gas and electricity bills are going up as the new energy price cap takes effect. You may have read that from 1 October the price cap will mean average energy bills will increase by 27% from £1,971 a year to £2,500. But it isn’t as simple as that. House prices warning as growth slows to

Liz Truss will meet the head of the UK’s independent fiscal watchdog today after a powerful group of cross-party MPs demanded the chancellor release a full economic forecast by the end of October – a month earlier than planned. Chancellor Kwasi Kwarteng will join the prime minister as they meet the Office for Budget Responsibility’s

Shares in companies that depend on consumer spending have plunged after Next, the fashion to homewares retailer, cut its sales forecast for the second half of its financial year and annual profit guidance. The company used the publication of its half-year results to the end of July to say that there were too many variables

This is an extraordinary moment. We’ll get to the details in a moment but before we do let’s not lose sight of the big picture. The Bank of England has just stepped in to fix a part of the financial market which had broken following the government’s mini-budget last Friday. It has intervened – not

The government has ruled out a U-turn on the costly tax-cutting mini-budget and the chancellor will not resign despite mounting pressure. It comes after a day in which the Bank of England was forced to launch a temporary bond-buying programme as it took emergency action to prevent “material risk” to UK financial stability. Bank’s ‘nearly

The International Monetary Fund (IMF) has criticised the UK government’s mini-budget, saying the plans for tax cuts and spending will increase inequality and counteract the Bank of England’s monetary policy. The conflicting government and currency policies, of seeking to ramp up growth via tax cuts and rein in inflation through interest rate rises, attracted sharp

The Bank of England’s chief economist has said the government’s mini-budget, which led to the pound falling to a record low against the dollar, will require “a significant monetary policy response”. Speaking at the International Monetary Policy Forum, Huw Pill reasserted the Bank of England’s willingness to act to rein in inflation. “I think it’s

Images of banknotes featuring a portrait of the King will be revealed by the end of this year – but the public won’t be able to get their hands on the cash until 2024. Under the Bank of England plans, coins and banknotes featuring King Charles III and Queen Elizabeth II will co-circulate. Currency featuring

The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of what it says about global market confidence in the UK economy. The plunge in sterling’s value, against a backdrop of a strong dollar globally, gathered speed on Friday following the publication

Pendragon, the London-listed car dealer behind brands including Evans Halshaw and Stratstone, has received a fresh £400m takeover approach from its largest shareholder. Sky News has learnt that Hedin Group, which owns roughly 26% of Pendragon, has tabled a 29p-a-share offer for the company. The approach is expected to be confirmed in a stock exchange

GSK, the FTSE-100 pharmaceuticals giant, has poached Burberry Group’s finance chief to create a rare all-female executive leadership team in London’s blue-chip share index. Sky News has learnt that GSK could announce as soon as Monday morning that it has recruited Julie Brown to replace Iain Mackay, who has served as its chief financial officer

The owner of Hoseasons and some of Europe’s biggest holiday rental operations has hired banks to oversee a sale that could value it at up to £2bn. Sky News has learnt that Platinum Equity, a US-based private equity firm, has appointed Goldman Sachs and Morgan Stanley to oversee a strategic review of Awaze, which it

Drivers are paying an extra £5 per tank of petrol due to the fall in the value of the pound, according to new analysis. Pump price savings from the cost of oil dropping back to where it was before Russia invaded Ukraine are being “severely undermined” by the weakness of sterling, the AA said. This

The growth plan outlined by the chancellor to lift the UK from the depths of the cost of living crisis and back to prosperity has been met with horror on financial markets, with the pound taking a particular hammering late in the day. Sterling, bonds and share values all fell sharply in the wake of

Income tax will be cut by one penny, Chancellor Kwasi Kwarteng has announced, as part of a raft of measures aimed at boosting economic growth. The reduction in the basic rate from 20% to 19% will be introduced in April 2023 – one year earlier than planned. At the same time, the 45% top rate

A top executive at Morrisons is in talks to leave, days after it emerged that the Bradford-based grocer had been displaced as Britain’s fourth-biggest supermarket chain. Sky News has learnt that Trevor Strain, Morrisons’ chief operating officer and previously its finance chief, is close to finalising his departure. Mr Strain, who has frequently been touted

Before we get on to the Bank of England’s decision today we urgently need to clear something up. There’s a misconception which sometimes floats around at times like this, that while interest rates are on the rise, the fact that they’re so low compared with historical standards means there’s no reason to be concerned.  You’ve

Andy Byford, the Transport for London (TfL) chief who helped steer the capital’s bus and Tube networks through the most financially precarious periods in their history, has resigned weeks after securing a new long-term funding deal. Sky News can reveal that Mr Byford’s departure as TfL commissioner will be announced on Thursday morning. His exit

The pound has fallen to a 37-year low against the dollar after figures showed that the cost of servicing UK government debt last month hit a record high for August – before Liz Truss came to power with promises to splash the cash. The Office for National Statistics said that interest payments were £8.2bn last

All businesses in Britain and Northern Ireland will receive a discount on energy bills funded by taxpayer subsidy, the government is expected to announce on Wednesday. Industry sources have been told to expect a universal scheme that will apply to all sectors of the economy when Business Secretary Jacob Rees-Mogg unveils details of the scheme